February 2022 Toronto Real Estate Market Statistics
Monday Mar 28th, 2022
February 2022 Greater Toronto Area (GTA) average price for all home types combined was up by 27.7 per cent to $1,334,568, a new all-time record. Home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers remained high, but less fierce in comparison to December 2021 and January 2022.
Greater Toronto Area (GTA) REALTORS® reported 9,097 sales through the Toronto Regional Real Estate Board's (TRREB) MLS® System in February 2022, representing a 16.8 per cent decrease in the number of sales compared to February 2021.
The MLS® Home Price Index Composite Benchmark was up by 35.9 per cent year-over-year in February. The average price for all home types combined was up by 27.7 per cent to $1,334,568, which once again, broke the record. Compared to January 2022, the average price increased 7%. The pace of the average home price growth varied by home type and region, but there was relative parity between low-rise and condominium apartment growth rates. For example in the 416 area code, in January the average price for condominium apartment was $760,000, but in February the average price has increased 8%, to $822,000.
In this last month before Bank of Canada announces the interest raise, the supply of new listings and active listings both bounced back quite significantly from past two months.
This is not to say the market turned around to a Buyer’s market, contrarily, it is still quite strong Seller’s Market. There is only 0.8 month inventory. Bidding wars are still very common, just the number of bidders reduced quite visibly from January and December. Average Days On Market is only 9 days, shrank drastically from last month’s 13 days, also showing buyers’ hunger for properties.
As the Toronto Real Estate Market enters into interest raise tunnel. While higher interest will suppress the demand from some speculators, this pressure will be limited amongst property types such as Detached Homes, where speculators’ percentage is low.
Furthermore, as the Bank of Canada are raising the baseline 0.25% from the historical low bottom. It will still take quite some time to recover to the "normal level", say 2%. On the other hand, the remarkable increase on the new immigrants’ quota and the speed to welcome them will escalate the high demand for ownership housing, specifically in condo market and detached market, which shows constant supply shortage, at least in a short period of time.
So in the battle of these two forces, to which direction do you think the market will turn?
Buying and Selling Toronto Real Estate
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